Settlers Life Insurance Company

What Settlers Life Insurance Company does

Settlers Life Insurance Company, now operating as Everly Life Insurance Company following its 2022 acquisition by Everly Holdings, LLC, is a US-domiciled individual life insurance carrier headquartered in Bristol with operations in Washington. The company underwrites and services individual life insurance policies — providing death benefit protection, cash value accumulation, policy loans at an 8% interest rate, and nonforfeiture options including extended term and reduced paid-up insurance — to a base of individual consumers. Distribution is carried out through a network of independent insurance agents accessing the Everly Life Agent Portal, supplemented by a lightweight digital self-service layer (the Everly Life Payment System for one-time premium payments via credit card or bank account, and online forms for address changes, policy inquiries, beneficiary updates, and multi-purpose policy changes).

The company's monetization is built on recurring premium payments across its in-force block, with monthly billing available via bank draft, credit card, or check, and minimum face amounts of $25,000 per policy. Premiums are individually underwritten based on coverage amount, age, health, and policy type. The carrier maintains an A- (Excellent) AM Best financial strength rating as of January 25, 2024, signaling strong claims-paying ability, and is transitioning its correspondence, forms, and notices from the Settlers Life brand to the Everly Life brand while preserving all existing policy numbers and terms.

Post-acquisition, the company is positioned as a privately held subsidiary within Everly Holdings, LLC, operating as a single-country domestic carrier with operations centered on servicing and retaining its existing policyholder block. No new product lines, geographic expansions, funding activity, or disclosed partnerships are indicated in the source data; the strategic posture is preservation and operational servicing of the legacy book.

Name

Settlers Life Insurance Company

Legal name

Everly Life Insurance Company

Website

https://settlerslife.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

101–250 employees

Short description

Settlers Life Insurance Company (now Everly Life Insurance Company) is a US life insurance carrier acquired by Everly Holdings in 2022, providing individual life insurance policies to consumers through independent insurance agents and online self-service tools.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Whole Life Insurance (FSAIABAA)

akta.pro secondary industry

Whole Life / UL Policy Riders & Add-ons (e.g., Waiver of Premium, Accidental Death, Child Term, LTC/Chronic Illness) (FSAIABAK)

Keywords

• Life insurance
• Whole life insurance
• Policy loans
• Cash value insurance
• Insurance premium payments

Headquarters

HQ city

Bristol

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Life Insurance Premiums: The company generates revenue through recurring premium payments from life insurance policyholders. Premiums can be paid monthly or on other billing cycles through bank drafts (EFT), credit cards, or check payments. The company also offers policy loans with 8% interest rate.

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Settlers Life Insurance Company (now operating as Everly Life Insurance Company) sells individual life insurance policies that provide death benefit protection, cash value accumulation, and policy loan options. The company serves existing policyholders through an online payment portal and self-service forms, and distributes new policies primarily through independent insurance agents.

Product overview

Everly Life Insurance Company (formerly Settlers Life Insurance Company) offers life insurance products with a digital policyholder services platform. The core offering is life insurance, supported by the Everly Life Payment System for online premium payments, and policyholder forms including the Multi Purpose Change Form for policy modifications and the Bank Authorization (PAC) Form for automatic bank drafts. Additional self-service options include the Policy Inquiry Form for requesting policy information. All products are accessible through the company's website with customer support available via phone and email.

Differentiator

Problem solved

Functional benefit

Products and services

• Everly Life Insurance Policies (formerly Settlers Life)
• Everly Life Payment System
• Multi Purpose Change Form
• Bank Authorization for Premium Payment (PAC) Form
• Policy Inquiry Request Service Online submission form that allows policyholders to request current policy value, premium amounts, beneficiary information, cash surrender value, riders and benefits, and death benefits. Requested information is mailed within 3-5 business days.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Scale indicators1 record

Recent moves4 records

Expansion highlights3 records

Direct peers

• National Western Life Insurance Group: National Western Life is a smaller life insurance carrier specializing in whole life and universal life policies marketed through independent agents. Both companies share similar product focus, agent distribution model, and niche position serving individual life insurance customers.
• Kansas City Life Insurance Company: Kansas City Life is a stock life insurance company of comparable scale focused on individual life insurance and annuities distributed through agents. Both companies share a similar size band, agent-driven distribution, and emphasis on whole life and universal life products.
• Globe Life: Globe Life is a direct peer that underwrites and markets life and supplemental health insurance primarily through agent and direct-to-consumer channels. Both companies focus on life insurance distribution to individual consumers, with similar policy types including whole life and term life products.
• Gerber Life Insurance Company: Gerber Life Insurance focuses on whole life and term life products marketed to families and middle-income consumers. Both companies share a similar product mix including juvenile and adult whole life insurance, and similar agent-driven distribution model.
• Fidelity & Guaranty Life (FGL): Fidelity & Guaranty Life underwrites individual life insurance and annuity products with emphasis on indexed universal life and whole life. Both companies share a similar profile of agent-distributed individual life insurance with cash value accumulation features.
• American National (now part of Brookfield Reinsurance): American National is a multi-line insurer with a significant life insurance focus, distributing through independent agents. Both companies serve individual life insurance customers with whole life and term products, and share a similar mid-sized mutual/stock carrier profile.
• SBLI (Savings Bank Life Insurance): SBLI is a mutual life insurance company offering term and whole life products to individual consumers at competitive rates. Both companies operate as smaller, customer-focused life insurers competing in the individual life insurance market.
• Bankers Life (CNO Financial Group): Bankers Life is a dedicated insurance subsidiary of CNO Financial that focuses on life insurance and supplemental health products sold to middle-income consumers through captive agents. Both companies share a similar agent-driven distribution model and middle-market customer focus.

Broad incumbents

• Mutual of Omaha: Mutual of Omaha is a large mutual insurer offering life insurance alongside health and supplemental products through agent and direct channels. It is comparable in life insurance product structure but operates at significantly larger scale and with broader product diversification.
• Citizens Financial Group / Citizens Life Insurance: Citizens Financial Group is a broad financial services incumbent with life insurance offerings through its banking and wealth channels. It is comparable to the subject company in life insurance underwriting but operates at much larger scale and across multiple product lines.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Facebookfacebook.com/settlerslife
• LinkedInlinkedin.com/company/settlers-life-insurance-company

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Settlers Life Insurance Company